In a move to transform the beauty industry, 10Beauty, an intelligent beauty company, has raised $38 million in equity financing, including a $17 million extension to their Series A, as they prepare to launch their automated manicure machine for redefining beauty services with salon-quality, robotics, and automation.
Co-founded by Alex Shashou and Justin Effron, the Burlington-based company is on the brink of launching its flagship product, “The 10,” in the second half of 2024. The device, a fully automated manicure machine, leverages cutting-edge robotics and automation to redefine the beauty service experience.
“The way beauty services are delivered has not meaningfully changed throughout our lifetimes,” 10Beauty co-founder Alex Shashou said.
“For decades, getting your hair, nails or makeup done required relying on someone else’s timetable and commitment to excellence. The 10 is built for convenience and consistent quality, regardless of where the manicure is done,” added Alex Shashou.
High-profile Investors and Strategic Partnerships
With Imaginary Ventures, Lerer Hippeau, and Red Sea Ventures leading previous funding rounds, 10Beauty has attracted a team of investors, including Lerer Hippeau and the founders of Warby Parker, Harry’s, and Allbirds through their venture fund, Good Friends. Celebrity investors Sara and Erin Foster have also backed the venture, discussing 10Beauty’s founding story on their weekly podcast.
Before its official launch, 10Beauty has already secured pre-sale deals with major enterprise customers, including retail giants Nordstrom and Ulta Beauty, and partnerships with high-end hair salons. Robust pre-launch demand has led to the complete sell-out of the company’s initial 1,000 machines.
“For years, companies have attempted to launch nail painting robots but to limited customer adoption given none of them can perform a full manicure,” Shashou said.
Revenue Projections and Expansion Plans
The strategic partnerships forged by 10Beauty will generate a substantial revenue stream. The company plans to install “The 10” at 1,000 locations, targeting an annual manicure pod subscription revenue of $13 million. These partnerships can generate up to $50 million across 3,000 locations.
What sets 10Beauty apart is its pioneering technology, which can deliver a full manicure without human intervention. Users can customize their manicures using a mobile app, insert their hand into the machine, and witness a seamless process—from polish removal and nail shaping to cuticle care, new polish application, and final drying. The entire process, equivalent to a traditional manicure, now conforms to the customer’s schedule.
“We started this process thinking primarily about the at-home market but were blown away by how much demand there was from businesses that wanted to offer manicures to their customers without any of the traditional overhead,” said Justin Effron.
Efficiency in Beauty
The business case for “The 10” revolves around addressing common challenges with traditional manicures. Time-consuming processes, inconsistent quality, and the inability to multitask have been significant pain points for consumers.
With 10Beauty’s automated solution, users can save time, ensuring a full manicure without compromising quality.
“Our goal is to make the manicure the most convenient beauty service available. We will accomplish this by placing a machine everywhere our customers are so they can get a manicure while getting their hair done, visiting the spa, shopping, working or performing other tasks,” added Effron.
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